Medinah Mining Inc. (MDHM) Message Board

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Gold/Mining/Energy : Medinah Mining Inc. (MDHM)

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Dec 12 9:30 AM EST

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To: john who wrote (19288)	9/30/1999 11:38:00 AM
From: CIMA	Read Replies (2) of 25548

WASHINGTON (AFX) - The IMF board formally approved plans to revalue up to 14 mln ounces of the Fund's gold reserves to fund debt relief for the world's poorest countries. The operation, alternatively known by the term 'off-market gold sales', will be a "one-time operation ... solely to finance the Heavily Indebted Poor Countries (HIPC) initiative," an IMF statement said. After original plans to sell up to 10 mln ounces of gold in the open market drew harsh criticism from gold producing countries, the Fund came up with an alternate way to use gold to finance part of its contribution to the HIPC initiative. Under the scheme, the IMF will sell gold at market price to a central bank of a country due to make a repayment to the Fund, and the central bank will immediately use the gold to make the payment. The IMF will invest the difference between the market price and the gold's value on Fund books, which is currently less than 45 usd an ounce, using the profits to fund the debt relief.

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